05-15-2013, 02:25 PM
http://www.cleveland.com/open/index.ssf/...rt_m-rpt-2
"But that seems to have escaped Washington regulators who want to restrict mortgage-writing standards in these and other counties, small-town bankers say. In a matter that has many wondering how bureaucrats can be so disconnected from real-life Ohio, the Consumer Financial Protection Bureau is defining "rural" to exclude most of rural Ohio.
Ohio, for example, has 88 counties. Most methods of counting, including those used by the state, the U.S. Census Bureau and other government agencies, come up with 48 of them as rural. The CFPB, however, is only counting 20.
"
Remember that most farmers (no, not your yammered about evil Agro business... small farms still exist !) rely on annual mortgage type loans based on expected crop yield in order to buy seed, plant, and operate until the crops come in. Most of these are not 'qualified mortgages' because, well, farming isn't a 'regular income' business.
The vaunted CFPB is about to 'protect' small farmers OUT of business. And guess who benefits ?
Yup. Your epic evil bad massive agro-business combines. The Darth Vaders of corn and beans.
Is this just bureaucratic stupidity, or is the fix in in the Obama administration ?
"But that seems to have escaped Washington regulators who want to restrict mortgage-writing standards in these and other counties, small-town bankers say. In a matter that has many wondering how bureaucrats can be so disconnected from real-life Ohio, the Consumer Financial Protection Bureau is defining "rural" to exclude most of rural Ohio.
Ohio, for example, has 88 counties. Most methods of counting, including those used by the state, the U.S. Census Bureau and other government agencies, come up with 48 of them as rural. The CFPB, however, is only counting 20.
"
Remember that most farmers (no, not your yammered about evil Agro business... small farms still exist !) rely on annual mortgage type loans based on expected crop yield in order to buy seed, plant, and operate until the crops come in. Most of these are not 'qualified mortgages' because, well, farming isn't a 'regular income' business.
The vaunted CFPB is about to 'protect' small farmers OUT of business. And guess who benefits ?
Yup. Your epic evil bad massive agro-business combines. The Darth Vaders of corn and beans.
Is this just bureaucratic stupidity, or is the fix in in the Obama administration ?